Carnegie International Receives Offer to Sell $4.5 Million in Assets.Business Editors BALTIMORE--(BUSINESS WIRE)--Feb. 8, 2001 Carnegie International Corporation, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CGYC CGYC Canossian Global Youth Conference CGYC Common Ground Youth Church ), an Internet support and computer telephony holding company, confirmed today that it has received an offer for the sale of two corporate assets valued at approximately $4.5 million. The company said it is reviewing this offer as well as pursuing additional offers. Lowell Farkas, president of Carnegie, said the assets provided $4,555,214 in revenue for fiscal year 1999, and approximately $5,559,378 in revenue for fiscal year 2000, ended December 31, 2000, (not yet fully reported by the company) with a combined EBIDTA EBIDTA Earnings Before Interest Depreciation Taxes and Amortization estimated at $457,812 for the two years. Carnegie also said that a hearing was held in the Circuit Court for Baltimore City on Monday, February 5, 2001 on the defendant's Motion to Dismiss the lawsuit filed on May 23, 2000 (see "Carnegie International Corporation Files $2.1 Billion Suit Against Grant Thornton, LLP LLP - Lower Layer Protocol , for Fraud, Negligence and Defamation," Business Wire, May 23, 2000) against its former auditors, Grant Thornton. Farkas said a ruling is expected shortly. "As in all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters," said Farkas, "the company cannot and should not speculate on the Judge's ruling," noting that "the company and our attorneys believe there is substantial merit to allegations made in our filings and in our arguments in opposition to the Motion to Dismiss." About Carnegie International Corporation Carnegie International Corporation (OTC BB: CGYC, www.carnegieint.com) is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. . Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corporation) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corporation. These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors. |
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